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Can I qualify for a home with just stated income?

I have poor credit (like 550), but I can prove through rental properties that I receive monthly payments on a stated income of 55k a year. Can I qualify for a home with this alone? by daniel_461_387 from Costa Mesa, California. Jan 4th 2012 Reply


Crestico Funding (CresticoFunding)
#317 ranked lender in California - 340 contributions

Hello Daniel, we offer stated income loans with interest rates as low as 5%. however your fico score is an issue at this time, if you like i be more than glad to review your credit, help you improve the fico score so we could get a stated loan. if you like please click on our logo to contact us directly.

Jan 4th 2012
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Amir Nader (amir.nader)
#559 ranked lender in California - 1 contribution

Hi Daniel, Sorry as we do not offer any stated income programs.Amir

Jan 4th 2012
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Marty Borges (mborges)
#255 ranked lender in California - 20 contributions

It depends on your overall ratios. FHA offers alternative financing with low credit. Email me at martyborges@gmail.comMarty

Jan 4th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

Hey Daniel.. new laws make it illegal to issue a loan without having the borrower prove he can make payments. Under conventional and FHA, VA, USDA guidelines, you have to provide tax returns, pay stubs, and w2's or 1099's.. If you go Hard Money, then these lenders can use your bank statements as sufficient proof you have the ability to pay. However, hard money loans will seldom do Owner Occupied properties, and the down payment, interest rates and fees are astronomical. WilliamAcres.com

Jan 4th 2012
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,268 contributions

Daniel, I'm confused. If you can prove your income through your rental properties, why do you need a stated income loan? That said, William is correct. Except for a few hard money lenders, with high fees and rates, Federal rules require lenders to prove they have sufficient income to service the debt they will be incurring. My best advice is to contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org

Jan 4th 2012
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Yes you can. Rates are very good and they can go to 70% in several states. If you are self employed there is also a program for business owners to qualify of business gross receipts and no personal financials. Very good program! Go to http://www.finance1online.com/stated-income-loans/ for more information.

Sep 12th 2012
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LENDERLINE is offering Stated Income Verified Assets (SIVA) loans in California only. Guidelines are as follows: o Purchase, rate and term refinance, and cash-out refinance allowed.o Single family residences, PUDs, condominiums, and 2-4 units allowed.o Primary residence, second homes or investment properties allowed.o U.S. citizens, permanent residents, and foreign nationals allowed. o No prepayment penalty.o Up to 70% LTV maximum. LTV is based on occupancy and loan amount.o Up to $2,000,000 loan amount. Maximum loan amount is based on purpose of loan and occupancy.o 700 minimum credit score for U.S. citizens and permanent residents.o No credit scores are required for foreign nationals.o No rental late payments during past 12 months.o No mortgage late payments during past 24 months.o No history of NOD, foreclosure, short sale, bankruptcy, or repossessions.o No unpaid judgments, liens, or collections.o Income stated on loan application must be reasonable for the position of employment.o No tax returns, paycheck stubs, W-2, 1099 or 4506-T will be required.o Self-employed or W2 allowed.o No industry exclusions.o Debt-to-income ratios cannot exceed 45%.o Employment must be verifiable by a CPA or IRS enrolled agent (for self-employed) or verbal verification of employment (for W2) with no reference to income.o 100% of the down payment may be gifted for primary residence.o 6 months PITI reserves are required. Reserves must be seasoned for 2 months and come from borrower's own funds.o The SIVA loan program is available in every County in the State of California. For more information contact:LENDERLINE5000 Birch Street, Suite 3000Newport Beach, CA 92660Toll-Free: (888) 661-7888Website: www.lenderline.com

Jan 15th 2013
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LENDERLINE is offering Stated Income Verified Assets (SIVA) loans at up to 80% loan-to-value in California only. Guidelines are as follows: o Purchase, rate and term refinance, and cash-out refinance allowed.o Single family residences, PUDs, condominiums, and 2-4 units allowed.o Primary residence, second homes or investment properties allowed.o U.S. citizens, permanent residents, and foreign nationals allowed.o No prepayment penalty.o Up to 80% LTV maximum. LTV is based on occupancy and loan amount.o Up to $2,000,000 loan amount. Maximum loan amount is based on purpose of loan and occupancy.o 700 minimum credit score for U.S. citizens and permanent residents.o No credit scores are required for foreign nationals.o No rental late payments during past 12 months.o No mortgage late payments during past 24 months.o No history of NOD, foreclosure, short sale, bankruptcy, or repossessions.o No unpaid judgments, liens, or collections.o Income stated on loan application must be reasonable for the position of employment.o No tax returns, paycheck stubs, W-2, 1099 or 4506-T will be required.o Self-employed or W2 allowed.o No industry exclusions.o Debt-to-income ratios cannot exceed 45%.o Employment must be verifiable by a CPA or IRS enrolled agent (for self-employed) or verbal verification of employment (for W2) with no reference to income.o 100% of the down payment may be gifted for primary residence.o 6 months PITI reserves are required. Reserves must be seasoned for 2 months and come from borrower's own funds.o The SIVA loan program is available in every County in the State of California. For more information contact: LENDERLINE5000 Birch Street, Suite 3000Newport Beach, CA 92660Toll-Free: (888) 661-7888Website: www.lenderline.com

Apr 18th 2013
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LENDERLINE is offering Stated Income Verified Assets (SIVA) loans at up to 80% loan-to-value in California only. Guidelines are as follows: Purchase, rate and term refinance, and cash-out refinance allowed.Single family residences, PUDs, condominiums, and 2-4 units allowed.Primary residence, second homes or investment properties allowed.U.S. citizens, permanent residents, and foreign nationals allowed.No prepayment penalty.Up to 80% LTV maximum. LTV is based on occupancy and loan amount.Up to $2,000,000 loan amount. Maximum loan amount is based on purpose of loan and occupancy.700 minimum credit score for U.S. citizens and permanent residents.No credit scores are required for foreign nationals.No rental late payments during past 12 months.No mortgage late payments during past 24 months.No history of NOD, foreclosure, short sale, bankruptcy, or repossessions.No unpaid judgments, liens, or collections.Income stated on loan application must be reasonable for the position of employment.No tax returns, paycheck stubs, W-2, 1099 or 4506-T will be required.Self-employed or W2 allowed.No industry exclusions.Debt-to-income ratios cannot exceed 45%.Employment must be verifiable by a CPA or IRS enrolled agent (for self-employed) or verbal verification of employment (for W2) with no reference to income.100% of the down payment may be gifted for primary residence.6 months PITI reserves are required. Reserves must be seasoned for 2 months and come from borrower's own funds.The SIVA loan program is available in every County in the State of California. For more information contact: LENDERLINE, 5000 Birch Street, Suite 3000, Newport Beach, CA 92660, Toll-Free: (888) 661-7888, Website: www.lenderline.com

May 30th 2013
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